3 REITs With Yields Over 4.4% to Buy for Income in 2024

Real estate investment trusts (REITs) own, operate, or finance income-generating real estate. REITs allow individuals to invest in various types of real estate without having to directly own or manage the properties. REITs typically focus on a specific type of real estate, such as residential, commercial, or industrial, and they are required to distribute a large percentage of their taxable income to shareholders in the form of dividends, making them attractive for income-seeking investors.

Let's take a look at three REITs from different industries that you could buy today.

Apartments: Equity Residential 

Equity Residential EQR is one of the largest owners, developers, and managers of residential properties in the United States. Its portfolio currently consists of 302 properties containing over 80,000 apartment units across major markets, including Boston, New York, Washington, D.C., Seattle, and San Francisco.

Equity Residential currently pays a quarterly dividend of $0.6625, equating to $2.65 per share annually, which gives it a yield of about 4.45% at today's levels. It has also raised its annual dividend each of the last two years and it could very well continue this streak in 2024 based on its recent financial performance.

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Cell Towers: Crown Castle Inc.

Crown Castle CCI is one of the largest owners of shared communication infrastructure in the United States with a portfolio of more than 40,000 cell towers, approximately 115,000 small cell nodes, and approximately 85,000 route miles of fiber across every major U.S. market. 

Crown Castle currently pays a quarterly dividend of $1.565 per share, equating to $6.26 per share annually, giving it a yield of about 4.5% at current levels. Crown Castle has also raised its annual dividend every year since it converted to a REIT in 2014, making it both a high-yield and dividend-growth play.

Storage Centers: CubeSmart

CubeSmart CUBE is one of the nation's largest owners and managers of self-storage centers with a portfolio of nearly 1,400 properties across the United States.

CubeSmart currently pays a quarterly dividend of $0.51 per share, equating to $2.04 per share annually, which gives it a yield of about 5.8% today. CubeSmart also hiked its dividend in December, marking the 14th consecutive annual increase.

An Alternative Option: Arrived Homes

Arrived Homes also offers a way for investors to gain exposure to residential real estate. It's an alternative investment platform, backed by Jeff Bezos and Dara Khosrowshahi, that allows individuals to easily invest in real estate by purchasing shares of rental properties. Investors on the platform earn passive income through the rental revenue while waiting for the properties they invest in to appreciate in value over time.

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• Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus & Millichap is changing that, allowing individuals to invest in commercial real estate with as little as $5,000. 
• Collecting passive income from real estate just got a whole lot simpler. A new real estate fund backed by Dara Khosrowshahi gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.

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